Programs can help buyers

Q: I'm a first-time homebuyer and have saved up about $2,000 for my down payment but I need more. Are there down payment assistant programs out there to help me. I make about $50,000 a year and want to purchase a condo for about $180,000.

A: Yes, there are definitely programs that can help you purchase a condo with down payment assistance. Your $2,000 should be enough (with seller contribution) to do the job. Sometimes there are restrictions on purchasing a condo. It is important to find a lender and a Realtor who can research this for you. Condos typically require conventional loans and the amount you will qualify for is determined not only by income but also credit scores as well as debt.

There are several programs in Clark County that might suit your needs: Home is Possible/ Home at Last, depending on your credit score, can be up to a 5 percent grant applied to down payment or closing costs up to $16,000, depending on program and loan amount. Home is Possible for Heroes with a discounted interest rate for veterans. WISH with 3 to 1 matching of borrowers funds — up to $15,000, household income limits and deed restrictions apply and it can be layered with the Home Is Possible and Home at Last program. There are even other programs available that may allow you to rehab a home and provide funds to do it.

I know this can get overwhelming but with a skilled lender and real estate professional, the process can be a smooth one. Not all Realtors and lenders are skilled or certified in the various DPA programs, and it is important to hire qualified professionals to guide you through the process.

— Nancy Storey, Berkshire Hathaway HomeServices, Nevada Properties

EDITOR'S NOTE: Last week, we got a response about our ASK THE EXPERT answer on short sales:

Q: Happy Sunday. I was showing one of my short sales today that is in Lake Las Vegas to a potential cash buyer. He pulled up the article (last week) and asked me why the story says: "There are more than 2,800 active short sales on the market" when I showed him printouts with only 888 active short sales? To be fair, there is a total of 2,800 short sales: 888 active, 100 pending, 1810 contingent

—Tim Kelly Kiernan, Realtor, Re/Max Benchmark Realty

A: I would consider all three of the statuses below used by Mr. Kiernan to be "active," especially in a short-sale context, because so many fail before they succeed. Besides, there is no "active" status in Multiple Listing Service, there are ER and EA, which are generally considered "available" not "active." All inventory is "active" until closed. But I recognize the potential for confusion among readers. So to clarify, it may be better to say there are 888 short sale properties without contracts and 1,910 short sale properties under contract — a total of 2,798 short-sales in MLS."

— Michael Lewis, real estate broker, Synergy, Sotheby's International Realty

If you have a question you want us to pose to our experts, send it to lcollier@reviewjournal.com.